SpaceX deleted one of the most revealing data points from its S-1 before filing: its first two Colossus II clusters were built at $2.7 million per megawatt, roughly a fourfold improvement on the industry benchmark, according to an earlier draft of the S-1 reviewed by PitchBook.

Paired with the $1.25 billion-a-month compute contract with Anthropic, disclosed elsewhere in the filing, the economics imply SpaceX recoups its AI infrastructure capex in under a month. Even at double the disclosed cost, payback is 2.2 months.

Anthropic, a direct Grok competitor, is paying SpaceX $15 billion a year for access to its compute infrastructure through 2029. That nearly matches the combined revenue of the company's Space and Connectivity businesses in 2025.

If Grok were the moat, Anthropic would be the last company renting the servers that train it. The deal validates the compute infrastructure as a standalone commercial asset, independent of the AI models running on it. And it does so by monetizing dormant capacity.

 

SpaceX is asking public market investors to value it primarily as an AI company. We analyzed term frequency across the nearly 300-page document: AI-related terms account for 47% of segment-specific language, seven of 12 growth strategies relate to AI, and 93% of the company's stated $28.5 trillion total addressable market is attributed to AI.

The economic reality underneath that narrative is different. The AI segment generated 6.7% of revenue excluding legacy X advertising and posted a $14 billion free cash flow loss in 2025. Starlink's connectivity business delivered 61% of revenue, virtually all of the free cash flow, and a 63% EBITDA margin.

The Anthropic deal and the infrastructure economics behind it are the strongest evidence that the AI thesis has commercial substance, but the gap between narrative weight and economic weight remains wide.

The listing will reveal which version of SpaceX investors are buying: the AI company the filing describes, or Starlink with a profitable infrastructure side business.

>Our full analyst note breaks down the S-1's biggest revelations, its most conspicuous omissions, and where SpaceX's actual financials confirmed or diverged from our prior estimates.

Enterprise SaaS VC deal value surged to a record $173 billion in Q1, up 611.4% quarter-over-quarter, across 867 deals, according to a new PitchBook report. Even setting aside OpenAI's $122 billion round and xAI's $20 billion financing, the sector still raised $31 billion across 865 deals, up 27.5% QoQ.

 

The SaaS-pocalypse battered public stocks, but private capital investments told a very different story.

The resurgence of investment activity is not a simple return to the 2021 SaaS playbook. Capital is being redeployed into AI-native platforms, workflow-heavy software, energy management, autonomous systems, and vertical applications where investors can underwrite more than traditional seat-based revenue growth. The center of gravity is shifting from classic SaaS expansion to measurable work performed by AI agents.

Exits looked historic on the surface, with $261.6 billion in value, but SpaceX's $250 billion acquisition of xAI drove nearly all of that total. Excluding that deal, exit value fell QoQ, and low valuation disclosure rates suggest traditional SaaS sellers still face a selective buyer environment.

The takeaway: SaaS is not dead, but it is being repriced. The next cycle will reward vendors with proprietary data, workflow depth, governed context, and credible paths to outcome-based revenue.